The Saudi stock market continued its downward momentum and fell for a third consecutive session on Wednesday.

The Tadawul All-Share Index (TASI) ended lower to 9,546.27, shedding 0.63 percent or 60.31 points for the entire day. It went to a maximum of 78.3 points down from the level of Wednesday’s opening bell. The TASI reduced its year-to-date gains to 1,011 points or 11.84 percent.

Among market cap indices only Micro cap was able to close a little higher. Only three out of Tadawul’s 15 sectors witnessed a positive change, accumulating nearly 85 points.

Again Insurance came out as the best performing sector, advancing by 1.37 percent to 1,389.92.

On the other negative side, 12 sectors closed in the downward territory, paring an aggregate of 1,038 points.

Telecommunication & Information Technology sector performed worst for the second consecutive session, going down 60 points or 1.92 percent further. Hotel & Tourism sector followed it, trimming 380.7 points or 1.71 percent for the day.

Most of heavyweights finished to the downside, with Saudi Telecom dipping by 3.2 percent to close the day at SR65.82.

Decliners outnumbered the advancers by a margin of 94 to 59 and the prices of 7 companies remained unchanged.

Among all Saudi companies, Bupa Insurance (+9.03 percent) and Saudi Printing & Packaging Co. (+7.18 percent) showing notable gains became the key performers of the day.

On the other hand, Saudi Paper Manufacturing Co. after hitting a new 5-year high switched to worst performing stock, slipping 4.15 percent and closing at SR61.07.

Market activity was high; specifically 478.7 million shares worth SR12.2 billion were transacted at Tadawul. This turnover reflects an increase of 37.7 percent on volume basis and 17 percent in terms of liquidity.